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【2022.8 Update】The offer is back and now pays $41 cash back. In theory, an account’s own refer offer and a shopping portal should stack. Just open both pages in the same browser.

【2022.4 Update】If you sign up for the Greenlight debit card through Fatcoupon (for kids of any age), you can get $41.6 total value, with a cost of $10. FatCoupon also offers a 5000-coin ($5) signup bonus:

  • Signup link ($5 signup bonus)
  • Install the browser extension, log out, then log back in to get another $10
I tried it and received the reward quickly (red box in image 2, plus an extra 10% on the first order). Based on the terms, it seems opening another card may also earn cash back, but YMMV. It probably conflicts with refer, but it may still be worth trying in case both post.

There are many different debit cards in the US designed for kids, and most of them are not especially interesting. I happened to come across Greenlight online and thought it looked pretty interesting. After checking around, it seems to be one of the most downloaded and best-reviewed apps in the category on the Apple Store.

Signup Bonus

After opening GreenLight, the first month is free. After you pay the first monthly fee (starting at $5), you can receive a $30 bonus.

Eligibility Requirements

  • At least one parent must be a RA, and at least one parent must have a SSN (you need to provide the last four digits). There is no Hard Pull.
  • At least one parent must have a US bank account that supports Plaid for transfers; most regular banks should work.
  • You need to have a child. There is no minimum or maximum age; even a one-day-old baby counts, and so do adult sons or daughters.
  • The parent and child need separate phone numbers. Google Voice works.

How to Open the Account

I will not walk through the full process here. Just follow the prompts step by step.

One parent only needs to enter the child’s name to open the account (yes, apparently just the name). You need to make an initial deposit of at least $20. Simply link your bank account through Plaid and transfer the money; it arrives instantly.

You can customize the card design (I did not notice whether this can be skipped), but it costs $10 and can be deducted directly from the initial deposit. I randomly picked one called “带带弟弟”. Some Americans even choose pet-themed cards, which makes me seriously wonder whether they treat pets as kids and open cards for them.

This one was designed by an American user.

After that, the child has to log in to the app separately to activate their own account (this design is wild... how exactly is a newborn supposed to activate an account?). At this step, you need to enter the child’s date of birth. Of course, the parent can do this for them.

Uses and Features

The benefits on this debit card are strong enough that I almost wonder whether they are real.

  • It is a Master debit card with no fees at all (including 0 balance fee and no foreign transaction currency conversion fee). Once the card arrives, you can add it to a mobile wallet for use, including Apple Pay.
  • The partner bank is Community Federal Savings Bank. Funds are FDIC insured up to $250,000 (limited to funds in the debit account).
  • There are separate apps for parents and kids, with different functions and interfaces.
  • Parents can transfer money instantly, control spending limits, and track a child’s spending.
  • Gifts (Greenlight cash code) can be deposited directly into the child’s account.
  • Kids can request transfers from their parents.
  • Supports DD and mobile check deposit. You need to call to enable it for the child, which presumably means opening a Checking account with partner bank Community Federal Savings Bank.
  • Supports financial education for kids, including trying investing (in practice, the parent is investing) and savings.
  • Can issue tax forms to both the child and the parent.
  • Supports Round-ups, which rounds purchases up and saves the difference.
  • You can add children (up to 5) and adults at any time.
  • You can change the card design at any time; it seems to cost $10 each time.
  • Supports automatic allowance features (scheduled automatic transfers).
  • Provides device protection (lost, stolen or damaged) and purchase protection (Damage & Theft).
  • Supports load funding, including debit card and ACH. However, I could not find the debit card load screen, so I was unable to test whether Visa gift cards or other cash-back debit cards work. I will try again after the card arrives and is activated. If debit card loading is supported, there could be a lot of interesting uses here.

This card is a paid product with three tiers:

  • $4.99/month (basic version, no interest, no investing, and no purchase cash back)
  • $7.89/month, supports kids trying investing, with up to 1% annual interest accrued daily (on up to the first $5,000)
  • $9.98/month, supports kids trying investing plus 1% cash back on purchases, with up to 2% annual interest accrued daily (on up to the first $5,000)
  • Cash back and interest are both deposited into the associated Greenlight Savings Reward and can be spent later.

These are the benefits of the top-tier version:

Official full Terms:

Referral Bonus

This debit card offers a tiered referral bonus, up to $600 per year.

Signup Bonus

After opening GreenLight, the first month is free. After you pay the first monthly fee (starting at $5), you can receive a $30 bonus.

Final Thoughts

The benefits seem very good. You could start by picking up the signup bonus alone (worth at least $25 net), then decide later whether it makes sense for long-term use. I will test other use cases after the card arrives.